Which of the following best describes a marginal choice?
a. how much of something to do
b. “all or nothing” decision making
c. whether or not something is legal
d. choosing the lesser of two evils
a. how much of something to do
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What is the rationale behind a marketable emission allowance scheme?
A) to discipline polluting firms by specifying the maximum amount of emissions allowed and giving them permits to pollute up to their allowance B) to provide firms with the incentive to consider less costly alternatives to pollution reduction by making firms pay for the right to pollute beyond their specified allowance C) to raise revenue for the government through the sale of emission permits and at the same time set an emissions target D) to create a market for externalities: the scheme brings together buyers and sellers of marketable permits
Which of the following pricing strategies allows a firm to earn economic profit?
A) charging a price equal to the average variable cost of production B) charging a price equal to marginal cost C) price discrimination D) charging a price equal to the average total cost of production
A depreciation of the exchange rate is most likely to be celebrated by ________
A) exporters B) consumers C) central bankers D) importers
In which of the following cases will the total spending on a good decrease?
a. Demand is inelastic, and price increases. b. Demand is elastic, and price increases. c. Demand is elastic, and price decreases. d. Demand is of unit elasticity, and price decreases.